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Normandy Mining - $1.39: As part of a re-shuffle of its international exploration program, Normandy will be increasing its focus in Latin America. More money is also likely to be spent in the former Soviet Union while exploration activity in Asia is likely to be reduced.

The exploration spend in Australia is budgeted to be around $50m for the year with a large amount directed to 5 or 6 prospective areas. The groups total exploration budget for fiscal 1999 will remain at around $100m. At current prices Normandy can continue to be ACCUMULATED.

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